that it’s planning to pull back some of the support it’s been giving markets and the economy.
Developers are proposing a visually stunning $500-million office tower on Sunset Boulevard in the heart of Hollywood called the Star. The fear is that a potential collapse there could send a chain reaction through the Chinese property development industry and spill over into the broader financial system, similar to how the failure of Lehman Bros. inflamed the 2008 financial crisis and Great Recession. Those property companies have been big drivers of the Chinese economy, which is the world’s second-largest.
Besides Evergrande, several other worries have been lurking underneath the stock market’s mostly calm surface. In addition to the Fed possibly announcing that it’s letting off the accelerator on its support for the economy,before allowing the U.S. Treasury to borrow more money, and the COVID-19 pandemic continues to weigh on the global economy.
This month, Stifel strategist Barry Bannister said he expects a drop of 10% to 15% for the S&P 500 in the final three months of the year. He cited the Fed’s tapering of its support, among other factors. So did Bank of America strategist Savita Subramanian, as she set a target of 4,250 for the S&P 500 by the end of the year. That would be a 4.1% drop from Friday’s close.
Worries over Biden.
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